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Kazakhstan cuts interest rates under pressure from president

The National Bank of Kazakhstan (NBK) cut its policy rate by 25 basis points to 9% on April 15, following calls from the country’s president to make credit more affordable.

The cut comes just days after Kassym-Jomart Tokayev, Kazakhstan’s new president, ordered the NBK to find a way to lower banks’ lending rates and ensure growth in lending, according to Reuters. Tokayev is facing a snap election on June 9.

The change is the first since October 2018, and comes less than two months after the